Chapters Financial celebrates a decade of fee based advice01 June 2017
You may remember that it's been almost four and a half years since commission was banned from most aspects of financial advice sales, moving to a more transparent basis for the cost of advice and of course its disclosure. This followed the regulator's Retail Distribution Review, or 'RDR' for short.
Chapters Financial welcomed this change, although unlike many of our competitors, it was not a significant moment because we had already moved to a fee based advice service in May 2007. I have to admit that this significant transition a decade ago for us was well planned, although I cannot remember the exact catalyst to say 'this is the way forward'. However, it clearly was the way forward and something that we have been proud of ever since. This transparency attracted many new clients to our business and continues to do so.
The reason for this pride is because we don't need to sell a product to earn commission or meet this month's sales target. We can offer financial planning advice on existing plans, without the need to switch these to justify a fee. If an existing plan works and remains suitable for you, we will recommend you keep it as it is. Correspondingly, if it doesn't work to meet your needs, we will advise a change.
Our transparent, fee-based model means that we charge an hourly rate for our initial work and receive an agreed fee, normally from holdings, for ongoing services, which also includes our regular newsletter. More details can be found in our Terms of Business here: http://chaptersfinancial.com/client-agreement-letter
We look forward to working with our existing clients and new enquirers over the next decade, providing a transparent, fee-based model.
No individual advice is provided during this blog.
Keith Churchouse FPFS
CFP Chartered FCSI
Chartered Financial Planner
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899.